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Choosing the Payment Service Provider for a high-risk business: a free consultation

A Payment Service Provider or a payment system is an organization that provides financial services similar to the ones that you can find in a traditional bank. At the same time, payment systems are generally less demanding to prospective clients even though they do check the latter for compliance with the security requirements.

We invite you for a free consultation on setting up an account with a payment system. This offer should be especially interesting to the companies that work in high-risk areas, in the banks’ view. These include FOREX trade, Crypto Exchanges, ICO-related activities, Payment Service Provision, E-Wallets, Offshore Company Formation Agents, and the like.

The service is also going to be valuable for trusts and trustees as well as companies engaged in precious metal trade and storage. Online stores trading in non-standard goods and services will also benefit from setting up business accounts with a payment system. Banks often deny services to start-ups whose business models they do not understand due to their innovative nature. In general, a payment system may come to the rescue of any company that experiences problems with opening a business account in a traditional bank.  

The Internationalwealth.info portal team are the leaders in the offshore industry and we offer not only valuable information related to setting up companies and bank accounts abroad but also some valuable services. The portal is the property of Offshore Pro Group.

The banks that still service non-resident clients experience high pressure on the part of the regulatory authorities, in particular, those from the USA and the EU. The banks are forced to enhance their transparency, to know their clients, and to combat any potential attempts at money laundering or other financial misdemeanors.

Without doubt, the world financial authorities pursue benign goals but their efforts have had tremendous impact on the banks. Now they will deny service to any client that looks even a little bit suspicious because they are afraid of losing their licenses. Unfortunately, FOREX traders, cryptocurrency exchanges, BADS traders, electronic money systems, and similar companies do look suspicious in the eyes of the banks. Such companies may well be playing by the rules and have bold plans for the future development but the impossibility to open a corporate bank account can be a great obstacle for them.

Even if the company has a national license (such as a crypto license in Estonia, for example), it can conclusively prove the legality of its income, and it has a spotless reputation at home, there is no guarantee that it will be able to set up a bank account abroad.

And even if you have succeeded in opening a foreign bank account for your company, it can be closed any time for an unknown reason. A slight suspicion of financial machinations that has been caused by a rumor or a change in the political relationships between the bank and the company’s countries can easily lead to account closure.

Some jurisdictions have had to change their non-resident banking legislations drastically under the pressure from the international regulatory authorities. Latvia is a bright example as the country used to be a regional financial center and it ceased to be one after the events of 2018. Currently, banks in the country do not accept money from foreigners especially those coming from Eastern Europe.

Nevertheless, people want to do business and they need financial accounts in order to do that. Thus, they have to look for alternative solutions and they find that payment systems can provide secure services of higher quality than those provided by traditional banks.

You have certainly heard of such payment systems as PayPal or Payoneer, for example. These can be used too but their requirements to the clients are quite tough while their functionality is limited (this especially concerns PayPal).

We are going to suggest other payment systems to you that react to clients’ queries in a timely manner, that work stably, that provide a wide spectrum of services including rapid SWIFT transactions, currency exchange opportunities, and individual IBANs.

There is one more important characteristic that payment systems possess. As things stand for now, they do not automatically exchange their clients’ financial information with the fiscal authorities. This makes them different from the banks located in many popular banking jurisdictions and thus, the level of personal data protection that they provide is higher than that found with the traditional banks.

This does not cancel the need to check the clients’ compliance with the anti-money laundering requirements, however. Payment systems are licensed financial institutions that are monitored by their home country’s authorities. Some payment systems that we work with have licenses from several national governments, which makes them ascertain that their clients are law-abiding citizens indeed. Thus, they will first conduct all the necessary due diligence checks and then open an account for you.  

We have been in close cooperation with various payment systems for years and we know exactly what requirements each of them puts forward to prospective clients, in particular, to the companies that work in high-risk business areas. With our help, you will receive precise answers to the questions about the cooperation conditions that this or that payment system can offer.

We invite you to make use of a FREE consultation of choosing a payment system for your high-risk non-resident business. Please answer the questions below so that we can understand your company profile and suggest two or three payment systems that are going to serve your purposes in the best possible ways.